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As the documentation of syndicated loans in the US increasingly resembles that of bonds, Gregory Woods warns that lenders could stray accidentally under onerous securities laws

A new currency law in Turkey aims to resolve the difficulties caused by hyperinflation in the country over the past two decades. The hyperinflation that started in the 1970s meant that during the 1980s new banknotes in larger denominations came into circulation to meet the cash demand in the economy. For the past few years the highest denominated banknote has been TL20 million, which is also the highest denominated banknote in the world. Use of figures with multiple zeros has created many technical and operational problems in particular for banks and the treasury. The creation of official financial records has also proved troublesome.

Margaret Tahyar gives an insight into SEC decision making and tells European issuers that facts are the key to influencing the US regulator

On October 29 2004 the Swedish Supreme Court rendered a judgment that should be of interest for many directors of Swedish limited liability companies. The case concerned a Swedish limited liability company that had omitted to close the accounts on time for the financial years 2000 and 2001 with annual reports. The Supreme Court held (just like the District Court but in contrast to the majority of the judges of the Court of Appeal) that these omissions constituted accounting offences according to chapter 11, section 5 of the Swedish Penal Code.

Many companies in Indonesia, whether foreign or locally owned, operate with negative equity, meaning that the total assets of the company are less than its total liabilities. The principal reason for this, other than the significant depreciation of the Rupiah against the dollar during the Asian financial crisis, has been the substantial retained losses incurred by companies, which would be offset in the past by the companies' share capital.

On October 6 2004 the Danish Government introduced a bill to amend the Danish Securities Trading Act. The purpose of these proposed changes is to a wide extent to implement the EU directives on market abuse and prospectuses and to adjust the Danish legislative framework in accordance with the Commission's Regulation on buyback programmes.

Under the International Accounting Standards (IAS) Regulation (2002/1606/EC), listed companies must prepare consolidated financial statements (or individual financial statements if they are not preparing consolidated financial statements) for financial years commencing on or after January 1 2005, in accordance with IAS/IFRS (International Financial Reporting Standards).

Following the implementation of EU Directive 2002/65/EC concerning the distance marketing of consumer financial services, suppliers of financial services in Austria are bound to observe the Act on Distance Marketing of Consumer Financial Services (Fern-Finanzdienstleistungs-Gesetz [FernFinG]) from October 1 2004 when offering financial services by means of distance communication to consumers (that is, persons or entities not acting in their professional capacity).

A New York court gave comfort to issuers and securities firms last month when it ruled that the Sarbanes-Oxley Act does not allow plaintiffs to revive cases that have lapsed under previous time limitations.

The Kingdom of Jordan entered the bond markets for the first time in December, with a $145 million bond to pay for a new armed forces headquarters in Amman.